Fairborn, Ohio Property Taxes
The median property tax rate in Fairborn, OH is 2.97%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Fairborn at $136,470, the typical annual property tax bill reaches $4,054, exceeding the national median of $2,690. Property taxes in Fairborn are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Fairborn's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Fairborn or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fairborn, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.97%
Estimate Property Tax Bill
$4,053
Ownwell’s Fairborn Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fairborn with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fairborn to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Fairborn, Ohio
Property taxes in Fairborn, Ohio, are essential for funding critical local services, including public schools, road maintenance, and emergency services. The median tax rate in Fairborn is 2.97%, significantly higher than both the Ohio state median and the U.S. national median of 0.99%. Local government entities within Fairborn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairborn estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. Understanding how Fairborn's effective property tax rate compares to other areas within Montgomery County and the national median offers valuable insights into the varying tax landscape, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring regions.
Average Fairborn Tax Rate
2.97%
Average Montgomery County Tax Rate
2.62%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairborn, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45324 | 2.97% | 2.97% | 2.97% | 2.97% | 2.97% |
Source: Ownwell
Property Tax Assessment Values Across Fairborn, Ohio
In Fairborn, Ohio, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Montgomery County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Fairborn, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Fairborn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 45324 has the highest and lowest median tax bill, both at $4054.
Average Fairborn Assessed Value
$136,470
Average Montgomery County Assessed Value
$98,910
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fairborn, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45324 | $136,470 | $136,470 | $136,470 | $136,470 | $136,470 |
Source: Ownwell
Property Tax Bills Across Fairborn, Ohio
In Fairborn, property tax bills are calculated based on the assessed value of the property, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as property location, size, and improvements can influence the assessed value. For homeowners in Fairborn, the median home price is $136,470. In Montgomery County, where Fairborn is located, the median property tax bill is $4,054, which is significantly higher than the national median property tax rate of 0.99%. This substantial tax bill can impact homeowners by increasing their annual housing costs, potentially affecting their budgeting and financial planning. Understanding how these taxes are calculated and what factors contribute to them can help homeowners better navigate their financial responsibilities.
Average Fairborn Tax Bill
$4,054
Average Montgomery County Tax Bill
$2,435
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairborn, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 45324 | $4,054 | $4,054 | $4,054 | $4,054 | $4,054 |
Source: Ownwell